By Mike Phillips | BisNow
Across the real estate industry, people are conducting their own tiny experiments to see how new artificial intelligence tools can help them do their jobs better.
Writing a first draft of a pitch. Finding a site for a retail tenant. Defining to whom they want to sell a product, service, or even a building.
Over the past two decades, the adoption of new tech has been a top-down process, and while real estate has been a laggard, AI tools like ChatGPT are being played with and prodded to see what they can do.
Real estate may not be at the head of the pack when it comes to the use of AI. Yet large language model tools like ChatGPT, developed by OpenAI, are already being widely used, bringing the potential to dramatically change what it means to work in CRE, and raising philosophical and practical questions along the way.